Modeling Aggregate Behavior and Fluctuations in Economics: Stochastic Views of Interacting Agents

Masanao Aoki

ISBN 10: 0521606195 / ISBN 13: 9780521606196

Published by Cambridge University Press 2004-09-09, 2004

About this Item

Seller Inventory # 6666-IUK-9780521606196

Bibliographic Details

• Title: Modeling Aggregate Behavior and Fluctuations in Economics: Stochastic Views of Interacting Agents
• Publisher: Cambridge University Press 2004-09-09
• Publication Date: 2004
• Language: English
• ISBN 10: 0521606195
• ISBN 13: 9780521606196
• Binding: Paperback
• Condition: New

About this title

Synopsis

This book analyzes how a large but finite number of agents interact, and what sorts of macroeconomic statistical regularities or patterns may evolve from these interactions. By keeping the number of agents finite, the book examines situations such as fluctuations about equilibria, multiple equilibria and asymmetrical cycles of models which are caused by model states stochastically moving from one basin of attraction to another. All of these are not tractable using traditional deterministic modeling approaches. The book also discusses how agents may form clusters with stationary distributions of cluster sizes. These have important applications in analyzing volatilities of asset returns.

About the Author

Masanao Aoki is Professor Emeritus in the Department of Economics at the University of California, Los Angeles. He also held professorial appointments at the Institute for Social and Economic Research at Osaka University, Tokyo Institute of Technology, and the University of Illinois. Professor Aoki is a past President of the Society for Economic Dynamics and Control, a Fellow of the Econometric Society, and a Fellow of the IEEE Control Systems Society. Currently Associate Editor of the journal Macroeconomic Dynamics published by Cambridge University Press, he also served as Editor of the Journal of Economic Dynamics and Control and the International Economic Review, and Associate Editor of the IEEE's Transaction of Automatic Control, Information Sciences, and the Journal of Mathematical Analysis and Application. Professor Aoki is the author or editor of ten books, including New Approaches to Macroeconomic Modeling: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects (Cambridge, 1996).